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This paper argues that the role of international trade and the institutions that promote the raging process of economic globalization is more likely to be debilitating for developing countries that are not well positioned to benefit from it. It argues that because the globalization process has come to stay, countries such as Nigeria need to reposition themselves to benefit from the process and mitigate its potentially adverse effects, rather than try to fight it. An important aspect of this repositioning involves reviewing its commitments to the existing global multilateral agreements that continuously seek to dismantle trade barriers regardless of the adverse effects of such policies on the developing countries.
The first comprehensive work on globalization within the context of sustainable development initiatives in Africa.
Nigeria has experienced significant economic progress since publication in 1999 of the first edition of Perspectives on Nigerian Economic Development. Two main drivers of this progress have been the beneficial return to democratic rule and the implementation of key economic reforms, particularly in pursuing external debt relief, implementing excess crude account to stabilize revenue volatility, introducing contributory pension schemes and taking steps to privatize key sectors such as telecommunications. This volume is focused on issues relating to good political and corporate governance and national development; budget and fiscal policy; the Nigerian financial and capital markets and banking. Part one deals with the issues of globalisation and how Nigeria can play in the emergent environment. Part two (Managing the Nigerian Economy), Part three (Strengthening the Nigerian Banking Sector and Part Four (Entrepreneurship and Corporate Governance) proffers ways and means of handling these intertwined aspects of national challenges. The final part - Key Sector Issues deals with three vital areas - Education, Transportation, and Oil and Gas.
The topic of this research, the impact of global capitalism on economic development in Nigeria, sought to understand the role global capitalism has played in Nigeria’s economic development. Nigeria is presently considered a third-world country; however, researchers and economic observers expect that, based on the number of resources in the country, the standard of living of its citizens should be a lot better than it is currently. It is relevant to question why this is so, especially given that capitalism, which is so successful in many developed countries today, was introduced to Nigeria officially in 1986 by the World Bank through the structural adjustment plan. Through the scientific research process, this research examines why this is so and whether capitalism has aided or hindered development. While it is possible to argue that if Nigeria is underdeveloped today, capitalism has not done it any good, the country’s underdevelopment may not entirely be the fault of capitalism. Instead, it may have been caused by other intervening variables. This research examined the role of all those intervening variables in creating underdevelopment in Nigeria. Variables such as slavery, colonialism, and imperialism were examined to analyze their impact on the level of development in Nigeria. A neo-liberal view was also examined to balance the neo-Marxist view and other radical perspectives to understand Nigeria’s problems. Finally, internal factors such as corruption and conflicts were also examined to have an overview of the internal perspective of the problems of development in Nigeria. However, being the focus of this research, more critical analysis and data gathering was performed to examine the role of global capitalism on development in Nigeria. The literature review examined different contrasting opinions to understand where the debate lay on the topic at hand. Dependency theory was also introduced as the theoretical framework for analyzing the subject matter and interp